Upwork, the Communication Services sector company, was revisited by a Wall Street analyst today. Analyst Bernie McTernan from Needham reiterated a Buy rating on the stock and has a $25.00 price target.
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Bernie McTernan has given his Buy rating due to a combination of factors, primarily driven by Upwork’s recent performance and strategic initiatives. The company’s third-quarter results surpassed expectations, prompting an upward revision of medium-term estimates, including a 7% increase in the 2026 earnings estimate.
A significant highlight was the return to year-over-year growth in gross services volume (GSV), marking the first instance of such growth since the first quarter of 2024. This positive trend is attributed to Upwork’s introduction of AI products, which have enhanced marketplace conversion and efficiency, alongside accelerating GSV from AI categories and the launch of new products and services. These elements are expected to be focal points at the upcoming investor day, reflecting management’s confidence in maintaining these growth trajectories.
In another report released on October 31, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $20.00 price target.
Based on the recent corporate insider activity of 78 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UPWK in relation to earlier this year.